Posted April 6, 2015
U.S. Oil Boom is Moving to a Level Not Seen in 45 Years
MarketWatch: U.S. oil production is on track to reach an annual all-time high by September of this year, according to Rystad Energy.
If production does indeed top out, then supply levels may soon hit a peak as well. That, in turn, could lead to shrinking supplies.
The oil-and-gas consulting-services firm estimates an average 2015 output of 9.65 million barrels a day will be reached in five months — topping the previous peak annual reading of 9.64 million barrels a day in 1970.
Coincidentally, the nation’s crude inventories stand at a record 471.4 million barrels, based on data from U.S. Energy Information Administration, also going back to the 1970s.
Read more: http://on.mktw.net/1C6HdDI
More industry news:
- Energy Companies Explore Lower Shales for Greater Yields of Gas, Liquids: http://bit.ly/1FfMvOf
- Feds – Shell’s Spill Containment System Works as Company Seeks Arctic Drilling OK: http://bit.ly/1aC1ESv
- Utah – Home of the Next Oil Sands Breakthrough? http://bit.ly/1yPzokk
- Op-ed: States Have Taken Lead on Fracking: http://bit.ly/1Jfhuh4
- EIA Assesses Options for Processing Additional U.S. Light Tight Oil Production: http://1.usa.gov/1aC9NGv
- Pipeline Projects Arise as Need Grows to Carry Canadian Crude (subscription required): http://bit.ly/1GYK8E1
ABOUT THE AUTHOR
Mark Green joined API after a career in newspaper journalism, including 16 years as national editorial writer for The Oklahoman in the paper’s Washington bureau. Mark also was a reporter, copy editor and sports editor. He earned his journalism degree from the University of Oklahoma and master’s in journalism and public affairs from American University. He and his wife Pamela live in Occoquan, Va., where they enjoy their four grandchildren.